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Real Defenses Personal Defenses
Real Defenses Personal Defenses
C. INCOMPLETE AND UNDELIVERED NI (Sec. 15) Note: Since no distinction is made, it does not matter whether it is
If completed and negotiated without authority, not a valid contract favorable or unfavorable to the party making the alteration. The intent
against a person who has signed before delivery of the contract even in of the law is to preserve the integrity of the negotiable instruments.
the hands of HDC but subsequent indorsers are liable. This is a real
defense. 2. Alteration by a stranger (spoliation)- the effect is the same as where
the alteration is made by a party which a HDC can recover on the
D. INCOMPLETE BUT DELIVERED NI (Sec. 14) original tenor of the instrument. (Sec. 124)